Ayana Renewable Power is a Bengaluru-based Indian renewable energy platform building utility-scale solar, wind, hybrid and round-the-clock projects; it was acquired by ONGC NTPC Green in 2025.

This Startup Deep Dive explains what Ayana Renewable Power does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Ayana Renewable Power in Brief

• What it is: Ayana Renewable Power is an Indian Renewable energy (IPP) company based in Bengaluru.
• Who it serves: businesses, institutions, consumers, learners and public-sector buyers.
• Develops and operates utility-scale solar, wind, hybrid and round-the-clock renewable projects in India
• Held about 4.1 GW of operational and under-construction assets plus about 3 GW under development
• Sells power under long-term fixed-tariff PPAs to utilities and industrial buyers
• Funding: US$721 million in equity as of December 2020.

Ayana Renewable Power Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Ayana Renewable Power?

Ayana Renewable Power operates in the Renewable energy (IPP) space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Ayana Renewable Power.

• Develops and operates utility-scale solar, wind, hybrid and round-the-clock renewable projects in India
• Held about 4.1 GW of operational and under-construction assets plus about 3 GW under development
• Sells power under long-term fixed-tariff PPAs to utilities and industrial buyers
• Partnered with Greenko on storage-backed supply

The Origin Story of Ayana Renewable Power

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Shivanand Nimbargi.
• Reports say it was founded in 2018 by CDC Group (now British International Investment); other sources say 2017
• Shivanand Nimbargi is MD and CEO and listed as founder in one profile; sources do not name other founders
• December 2020: NIIF agreed to become majority shareholder alongside CDC and EverSource's Green Growth Equity Fund

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Renewable energy (IPP) sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2018: Founded with CDC Group backing
• December 2020: US$390 million of new equity from CDC (US$70m), NIIF (US$284m) and GGEF (US$36m); total equity US$721 million; target of over 4 GW within two years
• 2020: 1.14 GW of solar in development or operation
• 2022: Press release marks 1 GW milestone
• November 2023: About 1.3 GW operating with about 3 GW under construction (one source)
• 2024: Reports of talks with Masdar, Gentari, Sembcorp, PSP and Brookfield for a majority stake (equity about US$1 billion, enterprise value US$2.5-3 billion)
• February 2025: ONGC NTPC Green signs agreement to acquire 100% for Rs 19,500 crore
• 12 March 2025: Competition Commission of India clears the deal

Ayana Renewable Power Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• December 2020: US$70m from CDC, US$284m from NIIF, US$36m from GGEF; total equity US$721m
• Shareholders before sale: NIIF 51%, British International Investment 32%, Eversource Capital 17%
• 2025: Sold to ONGC NTPC Green (50:50 JV of ONGC Green and NTPC Green Energy) for Rs 19,500 crore

How Does Ayana Renewable Power Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to businesses, institutions, consumers, learners and public-sector buyers, sales cycles and contract size matter as much as headline growth.

• Independent power producer earning from long-term PPAs at fixed tariffs
• Grows through greenfield development and acquisitions
• Pilots green hydrogen and standalone storage

The Numbers: Ayana Renewable Power Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY23: turnover Rs 823 crore
• FY24: turnover Rs 856.4 crore (up about 4%); profit reported to have fallen 42.3%, around Rs 45 crore (partial figure)
• FY25: not found

Market Opportunity for Ayana Renewable Power

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising digital adoption, cloud and mobile penetration, growing enterprise technology spending, government digitisation programmes and a deep pool of engineering talent. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Indian demand for round-the-clock and hybrid renewable supply is rising
• State-owned energy companies are buying platforms to scale renewables quickly

Technology and Product at Ayana Renewable Power

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are product quality, data and integration depth, security, scalability and the speed of shipping improvements.

• Solar, wind, hybrid and round-the-clock configurations
• Standalone storage; a 6,000 MWh storage contracting template with Greenko

Team and Culture at Ayana Renewable Power

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Shivanand Nimbargi, MD and CEO
• Now owned by the ONGC NTPC Green joint venture

Ayana Renewable Power Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Ayana Renewable Power

• Post-acquisition integration under a state-owned JV
• Debt-funded construction pipeline
• Execution risk on about 3 GW under development
• FY25 results not public in sources read
• Competition: low barriers to entry and well-funded rivals can compress pricing and slow growth.
• Funding risk: technology businesses often burn cash before reaching profit and depend on investor appetite.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Ayana Renewable Power Growth Outlook: What to Watch

• Expected to commission a 300 MW solar and a 140 MW wind asset in FY25, rest through FY26-FY27
• Gives ONGC NTPC Green immediate scale in Indian renewables
• Key indicators: recurring revenue, customer retention, gross margin, customer acquisition cost and runway.
• Funding position: Whether Ayana Renewable Power can reach its next milestone before needing new capital.
• Regulation: Changes from data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Industry Context: Where Ayana Renewable Power Fits

India's technology startup ecosystem is one of the largest in the world, supported by cheap data, a large base of smartphone users, digital public infrastructure and a deep engineering talent pool. Companies now build for education, software, mobility, logistics, agriculture, defence, media and more, selling both to Indian customers and abroad.

Durable technology companies usually combine a clear customer problem with repeatable distribution and disciplined unit economics. Growth funded only by spending tends to fade, while products that customers keep using and paying for build compounding advantages.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Ayana Renewable Power

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Ayana Renewable Power.

Bull case

• A large and growing base of digital users and businesses expands the addressable market.
• Recurring revenue and strong retention can compound growth.
• Selling into global markets widens the opportunity beyond India.

Bear case

• Heavy competition can compress pricing and margins.
• Dependence on external funding can force painful cost cuts.
• Regulation or platform changes can disrupt a product quickly.

Lessons Founders and Investors Can Take from Ayana Renewable Power

Studying a company in the Renewable energy (IPP) space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Ayana Renewable Power.

• Solving a clear, frequent customer problem matters more than adding features.
• Retention and repeat usage are better health signals than sign-ups.
• Disciplined spending extends runway and keeps options open when funding tightens.
• Distribution, not just product quality, decides who wins in crowded markets.
• Building trust through data protection and reliability is part of the product.

How to Evaluate Ayana Renewable Power as a Startup

• Customer clarity: Can Ayana Renewable Power name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Ayana Renewable Power is part of India’s growing Renewable energy (IPP) ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Ayana Renewable Power FAQs: Frequently Asked Questions

What is Ayana Renewable Power?

Ayana Renewable Power is a Bengaluru-based Indian renewable energy platform building utility-scale solar, wind, hybrid and round-the-clock projects; it was acquired by ONGC NTPC Green in 2025. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Ayana Renewable Power?

Ayana Renewable Power was founded by Shivanand Nimbargi, and the company reports a founding year of 2018.

How much funding has Ayana Renewable Power raised?

US$721 million in equity as of December 2020. Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Ayana Renewable Power make money?

Ayana Renewable Power earns revenue from its Renewable energy (IPP) products and services sold to businesses, institutions, consumers, learners and public-sector buyers. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Ayana Renewable Power?

Reported rivals include Greenko, Adani Green Energy. See the competitor comparison above for how they differ.

What are the main risks for Ayana Renewable Power?

Main risks include competition: low barriers to entry and well-funded rivals can compress pricing and slow growth, funding and capital needs, competition and regulation by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules. This is educational content, not investment advice.

Related Startup Deep Dives: Pickrr — Acquired by Shiprocket for about $200 million; FY23 revenue Rs 306 crore, loss Rs 105 crore | Botlab Dynamics — FY25 revenue Rs 48.5 crore with profit after tax of Rs 15.8 crore. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.